Wednesday saw the EUR/GBP pair rise towards 0.8580, with softer-than-expected inflation data from the UK weighing on Pound Sterling.
EUR/GBP rose to 0.8580, overcoming a keyresistance level. Softer UK inflation data suppressed Pound Sterling during Wednesday's session. Markets are strongly considering a cut in September by the BoE. This contrasts Tuesday's movements, when the strength of the Pound was elevated by more positive UK employment data as lower inflation figures might prompt a more dovish Bank of England .
The initial market reaction to these figures resulted in diminished interest in Pound Sterling. The next policy meeting from the BoE is on September 19, and the market currently estimates nearly a 45% chance of a rate cut. EUR/GBP technical analysis The EUR/GBP has shown a general bullish trend in recent sessions. The Relative Strength Index of the EUR/GBP pair fluctuates around mid-range values, indicating the bulls are gathering strength and have more way to go.
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